Innovation Policy and the Economy,
Volume 20, Now Available

Edited by NBER Research Associates Josh Lerner and Scott Stern, the latest volume in the Innovation Policy and the Economy series explores changes in the ability of the United States to attract talented foreign workers, the role of sponsoring institutions in shaping immigration policy, the division of innovative labor between research universities and corporate labs, the effectiveness of various innovation policies in the pharmaceutical sector, effects of competition policy, uses of experimental policy design, and geographic disparities in innovation, joblessness, and technological dynamism.

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The NBER Reporter

Report on the NBER's Health Care Program
Reviews Major Sources of High US Medical Costs

The lead article in the new NBER Reporter provides an overview of scores of working papers that explore Americans' soaring medical costs, their declining life expectancy, and impacts of the Affordable Care Act. Also in this edition of the free, quarterly Reporter, in which NBER researchers summarize work in sub-fields of economics, are articles on market concentration, financial market dynamics, behavioral health, and household expectations.
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New NBER Research

22 January 2020

Exposure to School Shootings and Antidepressant Use

Local exposure to fatal school shootings increases youth antidepressant use by about 21 percent in the following two years, Maya Rossin-Slater, Molly Schnell, Hannes Schwandt, Sam Trejo, and Lindsey Uniat find. The increase is smaller in areas where more mental health providers focus on behavioral interventions.

21 January 2020

Moral Hazard and Wildfire Supression Expenditures

An analysis by Patrick Baylis and Judson Boomhower finds that large public expenditures on wildfire protection subsidize development in areas at high risk of fires, often by more than 20 percent of a home's value.

17 January 2020

Labor in the Boardroom

Studying the results of a change in German law that left some firms but not others reserving a third of their board seats for workers, Simon Jäger, Benjamin Schoefer, and Jörg Heining find that shared governance raised investment spending and value-added per worker.
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NBER in the News

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Exploring the Latest Trends
in International Labor Force
Participation Rates

Over the last two decades, developed countries have experienced a long-term decline in men's labor force participation at older ages, followed by a more-recent pattern of sharply rising participation rates. Participation rates for women at older ages have also been rising. Knowing what's driving these trends is vital as countries seek solutions to fiscal and retirement-security challenges posed by longer lifespans. The eighth volume of the International Social Security project, which compares the social security and retirement experiences of 12 developed countries, explores possible explanations.

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Why Hasn't Investment Come Back Strongly
in the Years Since the 2007-08 Financial Crisis

Among trends of great concern in the United States are a decades-long decline in productivity growth and relatively weak investment in physical capital that has persisted since the Great Recession. Research by Janice C. Eberly of Northwestern University and the NBER shows that the rise in importance of intangible capital can help explain both trends. Moreover, she finds that intangibles may be contributing to the rise of market concentration.
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The NBER Digest

Regulatory Changes That Boosted Private Equity Markets
Are Associated with a Sharp Decline in IPOs in the US

Of companies first financed in 1994, before passage of a law boosting private equity markets, 26 percent went public through an IPO; for those first financed in 2000 or later, the IPO rate has fallen to between 2 and 3 percent, according to a study featured in the current edition of The NBER Digest. Also featured in the January issue of the free, monthly Digest are studies of opioid abuse among War on Terror veterans, the benefits to young firms of winning the H-1B visa lottery, the effect of China's retaliatory tariffs on US consumption, and the relationship between credit booms and equity performance, and the impact of a estate taxes on billionaires’ residency.
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How the Chinese Economic System Really Works:
It's Not as Centralized and Controlled as It Seems

China's tight political discipline gives an impression that state power there is highly centralized, but when it comes to the economy that's not so much the case. If the formal rules issued from the center were applied, the system would be dysfunctional, according to Chang-Tai Hsieh of the University of Chicago and his collaborators, but in reality there are some 3,000 powerful local governments with authority to make "special deals" on a case by case basis. These local governments are in competition, the researchers find, so almost anyone with a business and an idea with potential can get a deal with one of them.
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Bulletin on Retirement and Disability

The Role That Self-Employment Plays
in Facilitating Work at Older Ages

Understanding the trends in self-employment at older ages is increasingly important as more Americans work into their later years. Results of a survey on self-employment is summarized in the winter issue of the free Bulletin on Retirement and Disability. The research shows that the share of self-employed rises sharply with age and that highly educated older adults are considerably more likely to be self-employed than less-educated workers. Also featured in this issue: a summary of research on trends in retirement income adequacy, an exploration of research on the retirement income choices of defined contribution plan participants, and a Q & A with newly appointed Retirement and Disability Research Center co-director James Choi.
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